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Binance Coin (BNB) Continues to Exhibit Strength Above $300

With respect to price action, Binance Coin (BNB) is actively trading at $322, which is above the crucial $300 support level. However, BNB remains in bearish territory, trading below the 50-day (white), 100-day (yellow), and 200-day (green) moving averages, as seen in the chart below.

Also, from the chart, it can be observed that the daily MFI is almost in slightly overbought territory of 68, indicating that BNB’s momentum might be running out. The daily RSI is in neutral territory at around 50, with the daily MACD indicating low levels of buying interest from the bulls, further confirmed by the low daily trade volume.

Consequently, Binance Coin (BNB) might successfully retest the $350 resistance level before a rejection at the same area.

To note is that the mood in both the traditional and crypto markets is one of uncertainty, given that the US Fed is meant to start its tightening monetary policy tomorrow, June 1st. Therefore, caution is advised when going long on Binance Coin (BNB) in the crypto markets.

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